International Financial Centres initiative

Perhaps the greatest single factor in the UK’s success as a trading nation has been the adherence by successive governments to the philosophy of open and competitive markets – including openness to international ownership of domestic firms.

Such a policy has attracted a greater range of external participants, skills and private capital than could reasonably have been generated by the domestic economy alone. This, in turn, has enhanced the ability of the UK-based international financial services industry to adapt constantly to new patterns of economic development and flows of wealth.

The provision of international financial services has historically been an area in which the UK has been both highly involved and recognisably proficient.

We aim to work actively with international financial centres to maintain and expand the UK’s role as a finance portal for the rest of Europe and the world, supporting other financial centres as they develop their own capabilities and making the UK a source of expertise for them.

Our International Financial Centres initiative is already underway with Moscow, Dubai, Toronto, Casablanca and Istanbul. We are looking to extend the initiative further.